Posts Tagged ‘gm ceo akerson’

General Motors Chairman and CEO Dan Akerson got a 44% increase in total compensation last year, taking home a total of $11.1 million in total compensation.

That news, detailed in a federal filing, comes after GM tried to downplay earlier reports that the executive was looking for a big pay hike despite the limits imposed by the terms of the maker’s 2009 federal bailout.

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Akerson continued to receive a base salary of “just” $1.7 million last year, the same as in 2011. The big jump came in stock awards that rose by 57%, year-over-year, to $9.3 million. That includes $2 million in restricted stock options he won’t be able to cash out on until at least 2014. The executive also received $70,149 in miscellaneous compensation, up from $55,514 in 2012.

GM Chairman and CEO Dan Akerson will seek no pay hike for 2013, the maker insists.

With a Congressional oversight committee set to review pay policies for companies covered by federal bailout funds, General Motors says it will not ask for an increase in the compensation package for Chairman and CEO Dan Akerson.

It had been widely reported that the maker would seek a 20% boost in the executive’s pay for 2013, which would bring it to a total of $11.1 million, according to documents quoted by the Detroit News. In fact, GM said in a statement issued this morning, “Reports that General Motors has requested an increase in Dan Akerson’s 2013 compensation are false.”

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The maker says the CEO will again receive a package totaling $9 million, matching his 2013 pay which included both bonuses and $1.7 million in base salary.

“Unfortunately, someone who obviously did not understand the compensation request leaked the information in a way that misrepresented the truth in order to score political points on the eve of a congressional hearing,” the automaker said in a statement this morning.

General Motors Chairman and CEO Dan Akerson could see a 20% increase in his paycheck for 2013, total compensation jumping to $11.1 million – if he can get the numbers approved by the U.S. Treasury Department.

As one of the top executives at GM, Akerson’s pay must be approved by Washington under terms of the automaker’s 2009 bankruptcy bailout – another reason why insiders say GM management is anxious to shed federal oversight as the Obama Administration moves ahead with plans to sell off its remaining stake in the maker by early 2014.

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Akerson’s proposed paycheck compares with a $9 million package in 2012 that included bonuses and $1.7 million in salary. The one-time telecomm industry executive is currently the lowest paid of Detroit’s Big Three CEOs, with both Ford Chief Executive Alan Mulally and Chrysler CEO Sergio Marchionne taking home more than $20 million each – though Marchionne’s package includes money he earned as CEO of Chrysler’s Italian partner Fiat SpA.

Anyone who expected new General Motors CEO Dan Akerson to take a low-key approach to running the company will likely be in for a surprise. The new chief executive, who took the reins at GM barely a week ago, has already come out swinging, warning that the carmaker has to “get better,” and “be on the attack.”

Akerson also made it clear that despite the $50 billion in federal aid approved largely by the Obama Administration, he is a died-in-the-wool Republican.

The chief executive, a graduate of the U.S. Naval Academy, held his first meeting with company employees alongside Ed Whitacre, who stepped down as CEO and handed control of GM to Akerson on September 1st. Whitacre stays on as Chairman of the Board until December 31st, when Akerson gains that title, as well.

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“We need to be on the attack,” Akerson said during the session, which was telecast to employees around the company. Noting that GM has made significant gains since it emerged from bankruptcy in July 2009, the new CEO stressed that, “We’re good right now, but we’ve got to get a lot better.”